Phoropters Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Phoropters Market Analysis
The phoropters market studied is anticipated to witness a CAGR of nearly 4.1% during the forecast period.
The COVID-19 pandemic had a significant impact on the market. Ophthalmic procedures were postponed at the beginning of the pandemic as the hospitals and surgeons were advised to postpone or cancel elective procedures. For instance, according to a study published by the National Library of Medicine, in March 2021, outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peak of the pandemic. There were 1,377 canceled appointments, with 6.8% of them deemed appropriate for teleophthalmology. Another study published by BMC Ophthalmology in May 2021 found that during the COVID-19 health emergency, retina clinic volume fell by 62%. The average time from check-in to technician has decreased by 79%, total visit length has decreased by 46%, and time spent in the provider phase of care has decreased by 53%. Thus, the COVID-19 pandemic severely curtailed ophthalmology services, thereby impacting the market growth rate in its initial phase. However, the market is witnessing stabilized growth currently owing to the resumption of ophthalmology procedures worldwide and is expected to project a similar trend over the coming years, as per the analysis.
Factors such as the growing prevalence and recurrence of eye disorders and technological advancements are expected to drive the growth of the market over the forecast period. For instance, according to WHO statistics from 2021, at least 2.2 billion individuals worldwide have near or farsighted vision impairment. Vision impairment may have been avoided or managed in at least 1 billion, or nearly half of these cases. The majority of those who have vision impairment or blindness are over 50 years old. Thus, such statistics suggest the increasing need for vision correction devices and thus are expected to drive the growth of the market.
Furthermore, technological advancement is expected to drive the growth of the market over the forecast period. For instance, according to an article published by Healthtech zone in December 2022, the Advanced Phoropter is an improvement on this traditional device. It uses laser technology to project text onto a screen in front of the patient's face, allowing him or her to read it without having it printed on paper beforehand. This allows the doctor to make adjustments more quickly than with traditional phoropters, improving patient experience and saving valuable time overall. Thus, such advancement is expected to drive the growth of the market.
Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However, high installation costs and a lack of skilled optometrists are expected to hinder market growth over the forecast period.
Phoropters Market Trends
This section covers the major market trends shaping the Phoropters Market according to our research experts:
Specialty Clinics Segment Hold Significant Share in the Phoropters Market
Specialty clinics are expected to observe steady growth in the adoption rate of phoropters, owing to the increasing number of eye disorders. For instance, according to the WHO update in March 2022, trachoma is a public health problem in 44 countries and is responsible for the blindness or visual impairment of about 1.9 million people globally. Such a high burden of disease and the need for surgical treatment is thus driving the growth of the market. Furthermore, in August 2021, Valiant Clinic collaborated with Moorfields Eye Hospital Dubai to bring over 200 years of world-class eye care excellence to its patients. Moorfields Eye Hospital Dubai delivers diagnosis and treatment of eye diseases, with a broad range of other services that are available at Valiant Clinic. Such an initiative is expected to drive segmental growth over the forecast period.
Additionally, as per the MDPI report published in September 2021, the prevalence of ophthalmic diseases such as cataracts, glaucoma, maculopathy, and retinopathy was 52.6%, 5.3%, 5.6%, and 29.1%, respectively, in Italy. Awareness about ophthalmic conditions is expected to increase visits to specialty clinics, thereby driving the market growth. For instance, according to the above source, among the affected people, those aware of their condition were 21.8% for cataracts, 65.4% for glaucoma, and 7.1% for maculopathy. The data mentioned in the MDPI report suggest that the burden of eye diseases is increasing in Italy every year, which is believed to create more demand for ophthalmic tests, thereby driving the growth of the segment.
Therefore the above-mentioned factors are expected to drive segmental growth in the market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America is expected to hold a significant share of the market owing to factors such as high disposable income, growing awareness, a rising geriatric population, and the increasing prevalence of eye diseases. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males, and 3,796,750 were females. The geriatric population is commonly affected by some kind of ophthalmic condition, and the high burden of the geriatric population is also expected to boost the growth of the market.
Furthermore, a press release published in February 2022 by the CDC offered prevalence estimates for the most common eye disorders and eye diseases. Nearly 12 million adults in the United States who are 40 years and above of age have vision impairment, and about a million of them are blind. Every third American has astigmatism, which affects around 1 in 3 people. Over the age of 40, 8.4% of the population suffers from farsightedness (over 14.2 million people). A little over 23.9% of those over 40 have nearsightedness (about 34 million people). Thus, such an increasing prevalence of eye diseases is expected to increase the demand for phoropters for the testing of such diseases.
Thus, owing to the abovementioned factors, the market in the North American region is expected to project growth over the forecast period.
Phoropters Industry Overview
The phoropters market is moderately competitive and consists of a few major players. There is a presence of local and international companies in the global market. Some of the key players include Briot USA Inc., Huvitz Co. LTD, Marco, Nidek, Reichert Inc., Rexxam Co. LTD, and Carl Zeiss AG, among others.
Phoropters Market Leaders
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Marco
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Rexxam Co., Ltd.
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Reichert, Inc.
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Carl Zeiss AG
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Topcon Corporation
*Disclaimer: Major Players sorted in no particular order
Phoropters Market News
- May 2022: Visionix partnered with Right MFG. Co., Ltd. to accelerate growth for both companies. Visionix will become the exclusive partner of Right MFG and distribute Righton products in Europe, America, and Asia Pacific (excluding Japan and China). The companies will co-develop a new range of products for the eye care market.
- March 2021: Luneau Technology USA introduced its second-generation Visionix Eye Refract, a system that includes significant upgrades based on the 5.5 million refractions collected over five years using the first-generation product. The compact Eye Refract system comprises a highly automated, binocular, and dynamic digital phoropter combined with wavefront-based auto-refractometry and keratometry (AR/K), a digital acuity short chart, and an integrated lens analyzer.
Phoropters Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence and Recurrence of Eye Disorders
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Installation Cost and Lack of Skilled Optometrists
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD million)
5.1 By Type
5.1.1 Manual
5.1.2 Digital
5.2 By End User
5.2.1 Hospitals
5.2.2 Specialty Clinics
5.2.3 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Briot USA Inc.
6.1.2 Huvitz Co. Ltd
6.1.3 Marco
6.1.4 NIDEK CO. LTD
6.1.5 Reichert Inc.
6.1.6 Rexxam Co. Ltd
6.1.7 Righton Limited
6.1.8 Topcon Corporation
6.1.9 Carl Zeiss AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Phoropters Industry Segmentation
As per the scope of the report, a phoropter is an instrument comprised of cylinders, prisms, and lenses that measures the eye's refractive error to help determine an eye prescription. Phoropters Market is segmented by Type (Manual and Digital), End User (Hospitals, Specialty Clinics, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
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| Hospitals | |
| Specialty Clinics | |
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Phoropters Market Research FAQs
What is the current Phoropters Market size?
The Phoropters Market is projected to register a CAGR of 4.10% during the forecast period (2024-2029)
Who are the key players in Phoropters Market?
Marco , Rexxam Co., Ltd., Reichert, Inc., Carl Zeiss AG and Topcon Corporation are the major companies operating in the Phoropters Market.
Which is the fastest growing region in Phoropters Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Phoropters Market?
In 2024, the North America accounts for the largest market share in Phoropters Market.
What years does this Phoropters Market cover?
The report covers the Phoropters Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Phoropters Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Phoropters Industry Report
Statistics for the 2024 Phoropters market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Phoropters analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
